COST ACCOUNTING VS FINANCIAL ACCOUNTING

Cost accounting - Different types of costs

Cost accounting: Materials

INTRODUCTION TO COST AND MANAGEMENT ACCOUNTING

Initially the recording and communicating of economic events occurred through narratives in early civilisation. As businesses grew in size there became a need to record the procedures. In 1494, Luco Pacioli, an Italian, described the double entry system of debit and credit to be recorded in journals and ledgers. The Italians were the first bankers however accounting can be traced from the Greeks and Romans in the 4th and 5th century BC who were traders. The system has remained the same. The initial stewardship role of securing cash developed into a system of accounting which involves recording, summarizing and analysing data to ensure the efficient operation of the business currently known as financial accounting. Formerly, the data only reflected receipts and payments of cash. Today the practice is to match income earned with expenses incurred. Later on cost management was identified as a tool to help managers in making business decisions. Other services now include taxation etc. In the quest for consistency in record and presentation, the profession has developed and instituted organised rule making authorities including the International Accounting Standards Board (IASB). They create generally accepted accounting principles (GAAP) and concepts. They are established principles, standards, and legislation unique to each jurisdiction. The profession now requires accreditation and certification given the complexity involved in the record and presentation of accounts and statements.

Use this to make a quiz: Excellent! Using an online game is a fantastic way to boost engagement. Here is a list of scenarios you can use. I've designed them to be clear and concise for a game format. I've also added a few "challenge" scenarios at the end that could fit more than one theory to really get your students thinking critically. You can copy and paste these right into platforms like Kahoot!, Blooket, or Gimkit. --- ### **Scenarios for Your Online Game** **Instructions for Students:** Read the scenario and choose the theory that BEST explains why the crime was committed. 1. **Scenario:** An accountant has been secretly stealing small amounts of money from his clients' accounts for years. He has a system that he believes is foolproof, and he has calculated that the potential reward is worth the small risk of being caught. * **Best Fit:** Choice Theory 2. **Scenario:** A high school student who lives in a neighborhood with high unemployment and rundown buildings begins to vandalize property with a group of friends who feel ignored by the city. * **Best Fit:** Social Disorganization Theory 3. **Scenario:** A young woman desperately wants the new smartphone and designer clothes she sees all over social media, but she has no way to afford them. She decides to start stealing packages from front porches to get what she wants. * **Best Fit:** Strain Theory 4. **Scenario:** A man is arrested for assault after getting into a fight at a restaurant. His family tells the police that he has always had a "short fuse" and has struggled with anger and aggression since he was a child, a trait that his father also had. * **Best Fit:** Biological/Psychological Theory 5. **Scenario:** The youngest child in a family of well-known burglars is caught breaking into a house. When questioned, he says he learned everything he knows from watching and helping his older siblings. * **Best Fit:** Learning Theory 6. **Scenario:** A corporate executive is caught illegally dumping toxic waste to save his company money. He decided that the cost of proper disposal was too high and the chance of being caught was low. * **Best Fit:** Choice Theory 7. **Scenario:** After her parents' messy divorce, a teenager starts skipping school and shoplifting. A counselor suggests her actions stem from untreated anxiety and depression. * **Best Fit:** Biological/Psychological Theory 8. **Scenario:** In a community where the local factory closed down and police presence is low, a group of residents forms a vigilante group to "patrol" the streets, often resorting to violence and intimidation. * **Best Fit:** Social Disorganization Theory --- ### **Challenge Scenarios (Could fit multiple theories)** 9. **Scenario:** A college student starts selling forged concert tickets to pay for their tuition. They learned how to make the fake tickets from a video online and felt it was the only way to stay in school. * **Possible Answers:** Strain Theory (can't afford tuition), Learning Theory (learned online), Choice Theory (weighed the risks). 10. **Scenario:** A person living on the streets with no job prospects is arrested for stealing a warm coat from a department store during a blizzard. * **Possible Answers:** Strain Theory (no means to achieve the goal of being warm), Choice Theory (made a rational decision to steal to survive). These scenarios should give you great content for your game. Have fun with it, and let me know if you need any more!

Cost

Cost, Quality & Access

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